Who owns and controls the means of production in a socialist economy?

Public sector

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Private sector

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Licenced private companies

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Both public and private sectors

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Solution

The correct option is A Public sector

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Similar questions

Q25. Which of the following statements are correct?

1. A mixed economy refers to market economy with strong regulatory oversight and governmental provision of public goods.

2. A socialist economic system is characterized by social ownership and democratic control of the means of production.

3. Capitalism is an economic system in which capital goods are owned by private individuals.

4. Marxian economics provided a foundation for capitalism.

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